$10,400,000 Refinance Secured for Multifamily Property in Santa Monica, CA
Apr 2, 2026 Bank
Deal Summary
City National Bank provided a $10.4 million loan cross-collateralized by two multifamily properties at 1236 9th Street and 420 California Avenue in Santa Monica, totaling 36 units, according to public records. Robert H. Platt signed as president for the borrower entities.
The 1960s vintage buildings sit in Santa Monica's Wilshire Montana neighborhood, among the most consistently rented apartment pockets on the Westside.
It is City National's second Santa Monica multifamily financing recorded in the first quarter of 2026, alongside a $17 million loan at 110 Pico Boulevard, underscoring the bank's continued depth in coastal Los Angeles apartments.
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Market Notes
Legacy owners of rent controlled Santa Monica buildings frequently carry leverage far below what current values support, and a periodic portfolio level financing review can surface equity for the next acquisition without selling anything. The lenders most fluent in the regulatory landscape make that conversation straightforward.
Transaction Details
- Closing Date
- Apr 2, 2026
- Loan Amount
- $10,400,000
- Loan Type
- Bank
- Loan Purpose
- Refinance
- Capital Type
- Senior Debt
- Asset Type
- Multifamily
- Source
- Public records
Property
- Property Name
- 1236 9th St & 420 California Ave Portfolio
- Address
- 1236 9th St & 420 California Ave
- City, State
- Santa Monica, CA
- Market
- Los Angeles
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.